Nass Corp announces 15pc dividends

Manama, February 27, 2012

Nass Corporation, one of Bahrain's leading industrial and commercial organisations with operations across the Gulf, said its board has approved distribution of 15 per cent cash dividends for its shareholders.

The company board met on Monday to review the financial results of the company for the year ended December 31, 2011.

Announcing the results, Nass Corporation deputy chairman Samir Abdulla Nass said the company had achieved a gross turnover of BD88.756 million ($235 million) when compared to BD107.5 million the previous year.

The company, he said, had achieved a net profit of BD4.526 million compared to BD7.322 million for 2010.

“Despite extremely challenging economic and market conditions, the company has maintained its track record of earning reasonable profits for the year,” remarked Nass.

'Notwithstanding the difficult market conditions the company’s board has, in the spirit of demonstrating its commitment towards shareholders, recommended a cash dividend of 15 fils per share to them,' he stated.

The distribution dividends is subject to approval of the shareholders at the annual ordinary general assembly meeting to be held on March 21, he added.-TradeArabia News Service